# Сопутствующие статьи по теме Cycle

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Cycle", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Analyzing 10 Major BTC Top Indicators: Why Is the Current Bull Market Different from Previous Ones?

This analysis examines 10 classic Bitcoin top indicators to assess why the current bull market (as of Q4 2025) differs from previous cycles. Key metrics like the Pi Cycle Top Indicator, Puell Multiple, Bitcoin Rainbow Chart, 2-Year MA Multiplier, 4-Year Moving Average, MVRV Z-Score, Altcoin Season Index, Long-Term Holder (LTH) Supply, Short-Term Holder (STH) Supply, and Net Unrealized Profit/Loss (NUPL) all show subdued or neutral readings compared to historical extremes observed at past market tops (e.g., 2017 and 2021). Unlike previous cycles, these indicators suggest a lack of typical overheating signals, such as extreme miner profitability, excessive valuation deviations, or rampant altcoin speculation. The price peak on October 6, 2025, did not align with classic top patterns, indicating structural shift in Bitcoin’s market behavior. This moderation may stem from increased institutional participation via Bitcoin ETFs, which has stabilized supply dynamics, as well as broader macroeconomic factors like global liquidity changes and geopolitical events. The declining peak values of indicators like MVRV (from 10 in 2017 to ~3 in 2025) suggest Bitcoin is maturing from a cyclical asset to a mainstream reserve, reducing volatility and extending cycles. Investors may need to adapt traditional indicators with adjusted thresholds or combined metrics for future decision-making.

marsbit12/22 07:49

Analyzing 10 Major BTC Top Indicators: Why Is the Current Bull Market Different from Previous Ones?

marsbit12/22 07:49

Abandon Illusions, Prepare for the Most Grueling Time in the Crypto Market

The article argues that while cryptocurrency adoption will continue to accelerate, market valuations may remain depressed or decline further for a prolonged period. This decoupling between real-world usage and price action is presented not as a flaw, but as a necessary and healthy feature of the market's maturation. The author draws a parallel to the dot-com bubble, where internet user growth exploded even as the Nasdaq crashed. The core thesis is that the market is undergoing a painful but essential recalibration. Many assets were fundamentally overvalued, and the current phase will pressure-test business models, eliminating flawed projects and forcing rational valuations. Cryptocurrency is transitioning from a speculative asset to a core, "boring" infrastructure technology, much like the internet did. This shift creates discomfort. Builders, early investors, and retail token holders may see value captured by traditional companies and VCs that leverage the open infrastructure. The article posits that the biggest beneficiaries might be traditional and hybrid businesses that use crypto to improve efficiency, rather than the underlying protocols themselves. The author's outlook for near-term prices is not optimistic, warning that the process could be a prolonged test of patience. They advocate for a long-term perspective, capital preservation, and a focus on businesses with sound unit economics, while cautioning against over-financialized models and excessive infrastructure building. The conclusion is that a major market bottom, characterized by capitulation, has not yet been reached.

marsbit12/20 06:39

Abandon Illusions, Prepare for the Most Grueling Time in the Crypto Market

marsbit12/20 06:39

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